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1.75 Trillion or 10% of US Economy Spent on Federal Regulations
Posted By Daniel Greenfield On April 14, 2013 @ 12:07 am In The Point | 4 Comments
And that is just the cost to businesses… not the gargantuan budget for the government.
The Small Business Administration Office of Advocacy estimates that it costs Americans $1.75 trillion to comply with federal regulations each year. To put $1.75 trillion into perspective, that amount is larger than all but eight economies in the world. It also means that over 10% of the U.S. economy is spent on trying to satisfy rules issued by Washington bureaucrats. That doesn’t even include federal, state, and local taxes.
Add the 3.8 trillion budget monster that Obama just brought us and we’re looking at over 5.5 trillion a year being eaten up by the government. And those are just direct costs.
The indirect costs go much deeper and higher. It’s hard to add up the cost of the money swallowed up by government bureaucrats and their non-profit allies. Money that is not spent paying workers or expanding businesses. Money that in some cases leads to businesses going out of business and workers losing their jobs. Money that encourages businesses to pack up and go do business in a country where it is cheaper and easier to do business.
There’s no way to calculate all that but we can compare the booming America of Eisenhower to the declining America of LBJ and Carter and finally the decrepit welfare state of Clinton and Obama held up by dirty financial industry crony capitalist gimmicks and desperate dot com development that ends up making it cheaper and easier for China to export more to the United States.
American business has been strangled by government. And the government anaconda isn’t done.
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